Canada has a new Prime Minister—and it’s a name known more for central banks than campaign trails. Mark Carney, the former Governor of the Bank of Canada and the Bank of England, has officially taken the reins with a minority Liberal government. And for real estate investors, housing advocates, and everyday Canadians feeling priced out of the market, the big question is: what’s next?
Carney’s housing platform isn’t just ambitious—it’s historic. His team is calling it Canada’s most significant housing initiative since the Second World War, and the core focus is volume, affordability, and speed. Here’s what that means in practice.
1. Build Canada Homes (BCH): A National Housing Developer
One of the most eye-catching proposals is the creation of Build Canada Homes (BCH), a new crown corporation tasked with building 250,000 new homes a year. Over the next decade, this program aims to double Canada’s current housing output by fast-tracking construction—especially on publicly owned land—and backing innovative, high-volume builders, including prefabricated and modular construction firms.
To get there, BCH will deploy over $25 billion in financing to support this new housing pipeline, making it one of the largest federal housing commitments in Canadian history.
2. GST Relief for Homes Under $1M
Carney’s Liberals are also promising immediate cost relief for first-time homebuyers. Their plan removes the Goods and Services Tax (GST) on new homes priced under $1 million. In high-demand urban areas, where even starter homes are brushing seven figures, this could result in direct savings of up to $50,000 on a purchase.
This policy was confirmed in a Reuters roundup of key Liberal platform promises.
3. Cutting Development Charges to Unlock Supply
Development costs are another target. The federal government will work with municipalities to cut development charges in half for multi-unit housing projects. These fees are one of the biggest costs baked into the final price of new condos and apartment units. The goal is simple: lower costs for builders so they can pass savings onto buyers and renters, especially in dense urban areas where supply is most needed.
A Turning Point for Canadian Real Estate?
Whether you’re a frustrated renter, a long-term investor, or someone finally looking for a way in, Carney’s plan is set to shake up the housing landscape. The political reality of a minority government means not everything will pass smoothly—but the policy signals are clear: Ottawa is back in the housing game in a big way.
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